To prepare the profit and loss account for Biraansh Concern for the year ended 2024, we need to categorize all given particulars as either incomes or expenses. Then, subtract the total expenses from the total income to determine the net profit or loss.
### Profit and Loss Account for Biraansh Concern for the Year Ended 2024
Income:
- Royalties: Rs. 13,000
- Bad debts recovered: Rs. 8,000
- Opening stock: Rs. 3,000
- Sales: Rs. 65,120
- Return (Cr.): Rs. 250
Expenses:
- Factory insurance: Rs. 2,000
- Purchase expenses: Rs. 1,500
- Bank charge: Rs. 100
- Purchase: Rs. 60,250
- Return (Dr.): Rs. 1,120
- Patent written off: Rs. 1,000
- Electricity (offices): Rs. 300
- Expenses on sale: Rs. 2,000
- Duck charge: Rs. 150
- Export duty: Rs. 1,850
- Carriage: Rs. 450
Now, let's summarize the profit and loss account in an organized fashion:
#### Profit and Loss Account
For the year ended 2024
| Particulars | Rs. | Particulars | Rs. |
|----------------------|--------|----------------------------|--------|
| Income: | | Expenses: | |
| Royalties | 13,000 | Factory insurance | 2,000 |
| Bad debts recovered | 8,000 | Purchase expenses | 1,500 |
| Opening stock | 3,000 | Bank charge | 100 |
| Sales | 65,120 | Purchase | 60,250 |
| Return (Cr.) | 250 | Return (Dr.) | 1,120 |
| | | Patent written off | 1,000 |
| | | Electricity (offices) | 300 |
| | | Expenses on sale | 2,000 |
| | | Duck charge | 150 |
| | | Export duty | 1,850 |
| | | Carriage | 450 |
| Total Income | 89,370 | Total Expenses | 70,720 |
| Net Profit | | | |
| | 18,650| |18,650|
#### Summary
From the profit and loss account:
- Total Income: Rs. 89,370
- Total Expenses: Rs. 70,720
- Net Profit: Rs. 18,650
Biraansh Concern has a net profit of Rs. 18,650 for the year ended 2024.
